Global oil refining is highly concentrated in the hands of a few economies. In 2024, China and the U.S. each accounted for 18% of global refining capacity, with Russia, India and South Korea collectively adding another 14%. The remaining 50% is spread across the rest of the world.

This concentration gives a small group of economies outsized influence over the global fuel supply chain, from how crude oil is converted into products to how energy security and price dynamics play out worldwide.